The tax situation!

If you are like me then you eagerly await your pay cheque. It’s one of the only times when whatever job you do is worth it because it gives you the opportunity to pay your bills. Unfortunately, that happiness usually disappears when I realize how much money was taken out for taxes.

When I go shopping, I have to ensure that I ask if the price on the item includes tax. If not, I know I have to add 16.5% for G.C.T. Then I go home and find a notice from the tax office reminding me that I need to pay my property tax.

Taxes Galore

It seems that wherever I turn there are more taxes to pay. Income tax, Property tax and General Consumption Tax are the main taxes that most consumers have to contend with the most.  There are more taxes than money and it seems like being given a pan with holes to carry water.

Is there any relief in sight?

The government had announced a tax package that would allow all those who earned below $1.5 million to receive a tax break. This adjustment to the income tax threshold resulted in an increase of as much as $8,490 in monthly take-home pay.

Is it enough?

Well since then a lot of things have increased and going grocery shopping now is an exercise in economic gymnastics. Consumers have had to stretch their funds to get all their needs met even if they benefited from tax breaks.

Let’s not forget the tax dodgers

There are number of working professionals who choose not to pay their taxes. Some persons genuinely don’t have the funds, but others seem to delight in hiding funds from the government or under reporting how much they make.

They hope that they will never be caught even as they amass millions in debt.

Sooner or later they get caught and wind up before the judge where they can get fined or imprisoned depending on the charges brought up against them. It surely does not pay to hide your income!

It’s important whether you are an individual or business to keep track of what you owe. If you find yourself falling behind the best thing to do is to go to the tax office and make arrangements to pay your debt.

Do we really need to pay taxes?

Although it’s a pain to pay taxes, remember that besides avoiding legal troubles we should pay taxes because  it provides revenue for essential services such as police, a justice system, social services, health care and education which benefits all citizens.

So what’s your take on the issue? Let me hear from you!

Teri Ann Paisley

Gleaner online writer

Tags: debt, tax break, taxes